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SMM Nickel Market Morning Review (2013-7-12)
Jul 12, 2013 10:14Source:SMM
LME nickel prices opened higher at USD 13,700/mt on Thursday supported by Bernanke’s address on easing policy and rallying Chinese stocks.
SHANGHAI, Jul. 12 (SMM) – LME nickel prices opened higher at USD 13,700/mt on Thursday supported by Bernanke’s address on easing policy and rallying Chinese stocks, and moved between USD 13,700-13,850/mt. However, prices dropped later as the US dollar rebounded after the release of the US initial jobless claims to finally ended USD 70/mt lower from a day earlier at USD 13,642/mt, with the highest level at USD 13,863/mt and lowest at USD 13,549/mt. Trading volumes increased 144 lots to 3,139 lots, and positions rose 782 lots to 131,365 lots. LME tin inventories increased 42 mt to 194,754 mt.
In Shanghai nickel market, trading remained quiet on Thursday, with mainstream traded prices at RMB 97,000-98,200/mt. But prices edged higher to RMB 97,200-98,500/mt.
On July 12, spot nickel prices are expected to move between RMB 97,000-98,200/mt.
LME nickel price
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